The Day In Review: Biotech Gains A Substantial 1+%; A Wealth of Positive News Helps Sector Move Higher

April 6, 2005 -- Biotech held on to a solid rise today, while broader indexes watched most of their early gains evaporate during the final hours of trading. The Centient Biotech 200(TM) was higher by 38.5 points, closing at 3105.43, a rise of 1.26%. The rise of the NYSE Composite was much more modest at .28%, and Nasdaq was off by a small fraction, dropping .01%. CancerVax got cut in half after its partner Serono halted a Phase III trial of its cancer vaccine (though the company doesn't think the drug is done for--see why), Biogen Idec and Genentech said Rituxan works against rheumatoid arthritis, Alkermes said its once-a-month injection was effective against the craving symptoms of alcoholism, Human Genome Sciences said its lead drug did well in a Phase II test of rheumatoid arthritis, Forest Labs fessed up that it would be short during the quarter just ended, Halozyme got priority review for Enhanze, Shire said a study made its ADHD transdermal patch look good, and new issue Threshold did well, thanks to some kind words said about its prospects. More details...